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CITICORP REPORTS SALE OF MINORITY INTEREST IN TAIWANESE COMPANY

 NEW YORK, March 31 /PRNewswire/ -- Citicorp (NYSE: CCI) today confirmed the sale of its minority interest in Taiwan First Investment and Trust to the Cathay Group, a major Taiwanese diversified industrial and financial organization.
 Citicorp said that the sale, for a price of approximately $165 million, is part of its program to sell non-strategic assets and build its balance sheet. The financial effects of the sale, net of carrying value and costs, will be included in Citicorp's first quarter results.
 Citicorp also said that it has received approval from the Taiwanese government to open a sixth Citibank branch, to be located in the city of Tao Yuan. Citibank is the largest foreign bank in Taiwan, both in assets and number of consumer branches. It is also one of the largest issuers of cards, including Citibank Visa and Diners Club.
 -0- 3/31/93
 /CONTACT: John M. Morris, 212-559-4285, Richard J. Howe, -9425, or Maria Rullo, -0409, all Citibank media contacts; or Frederick A. Roesch, 212-559-2715, Richard Goldman, -2717, John Eley, -2479, Ken Iselhart, -8262, or Deborah Russell, -4658, all Citibank investor contacts/
 (CCI)


CO: Citicorp; Citibank N.A. ST: New York IN: FIN SU: TNM

GK-CK -- NY023 -- 1430 03/31/93 10:50 EST
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Publication:PR Newswire
Date:Mar 31, 1993
Words:204
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